Today we release CFS monetary and financial measures for November 2013. CFS Divisia M4, which is the broadest and most important measure of money, grew by 2.7% in November 2013 on a year-over-year basis versus 3.7% in October.
The unusually low number was likely influenced by diminished repurchase agreements over the Thanksgiving holiday. Excluding the holiday effect, we estimate that CFS Dvisia M4 would have increased by 3.4% on a year-over-year basis in November.
For Monetary and Financial Data Release: